Hamburger Hafen und Logistik AG or HHLA (HHULF.PK,HHULY.PK) reported Thursday that its profit after tax and minority interests for the nine-month period fell 55.7 percent to 37.2 million euros from 83.8 million euros in the year-ago period.
Operating result or EBIT declined 38.9 percent to 107.1 million euros from 175.4 million euros in the year-ago period, reflecting a strong decline in business activities in the second quarter.
The listed Port Logistics subgroup's operating result or EBIT dropped 40.7 percent to 96.6 million euros.
Total revenue for the nine-month period declined 8.1 percent to 959.9 million euros from 1.04 billion euros last year. The listed Port Logistics subgroup also recorded an 8.1 percent decrease in revenue to 937.4 million euros.
Looking ahead, HHLA noted that while there were minor indications of a recovery in business in the third quarter fostered by, among other things, the renewed growth of the Chinese economy, the company will not achieve the strong result of the previous year in 2020.
"We regularly review our cost structure in order to secure our financial fields of action. With our ambitious efficiency programme, we aim to drastically reduce costs over the next five years in order to maintain the competitiveness of our services," said Angela Titzrath, Chairwoman of HHLA's Executive Board.
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